LONDON -- The United Kingdom officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, becoming the first European nation to join the Asia-Pacific trade bloc.

The 12-country landmark trade agreement is expected to boost the British economy by 2 billion pounds (about $2.52 billion) annually in the long term, according to the Department for Business and Trade.

The department noted on its website that the UK's accession to CPTPP is a cornerstone of the government's Plan for Change, which aims to deliver economic growth and increase household incomes. The plan is projected to raise household wages by 1 billion pounds ($1.26 billion) annually while benefiting all regions of the country.

"Agreements like this boost trade and create opportunities for UK companies abroad, supporting jobs, raising wages, and driving investment across the country," said British Business and Trade Secretary Jonathan Reynolds.

Ian Stuart, CEO of HSBC UK, underscored the significance of the trade bloc, stating: "Since the announcement of the UK's accession in July 2023, we have seen an increase in payments between CPTPP markets and the UK, and we expect this growth to continue."